Holiday Letting Overview

The next UniRes Structure is only for agents who deduct their expenses before remitting a payment to the property owner.

If you are acting as an agent for persons or companies who own houses, units or other holiday accommodation and you deduct a commission and /or expenses before remitting receipts to the owners, you can structure UniRes to do this.

See also...

Setting up for Holiday Letting

Posting Expenses or Deductions

Holiday Letting Managed Sales Statement

Two new types of booking accounts can be created using the Site Types file maintenance program...

1.Managed Sales Income

2.Managed Sales Deductons.

By creating sites to rent using a usage code of Managed Sales Income, we can make bookings and charges as per normal site bookings and at the same time include the booking in a special statement form for owners statements.

By creating sites for expense tracking only (not for normal hire), using a usage code of Managed Sales Deductions, we can post expenses and deductions as charges and at the same time include the expense booking in a special statement form for owners statements.

If booking types are linked to a specific Control Account, the special Control Account Statement will make Holiday Letting Agents report to their clients the clients income less deductions.

In simple terms...

1.Just post charges to the booking and receipt monies as per usual.

2.Just post expenses to the owner using his expense booking.

How this works is described below, with three types of posting.

We posted a site fee of $88.00 to the booking. UniRes then automatically posted a $66.00 credit to the UniRes bank. ($88.00 less 25% commission).

We posted a charge for a $12 linen pack to the booking.

We posted a $35 charge for cleaning to the Owners Expense booking.

A special Holiday Letting Managed Sales Statement form, will allow you to report to the owners and produce statements for any given period to the owners.

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Use the above statement example with reference to the Cash Receipts Report example below.

The statement for the owner shows only the income from rental site fees, excluding any ancillary income.

The deductions are shown separate to the income.

To produce a statement like this requires special attention to the setup of the sites your hire.

Automatic commission posting

Once the structure is setup correctly, commissions are automatically calculated and posted to the nominated expense booking when a site fee is charged using the Charges screen.

Extra Deductions

Deductions are posted to the expense booking for the property and should be in the same financial period that you intend producing a statement for. eg. rental in April, posting for cleaning fee deduction in April. If you miss a month end, you can set the UniRes date back at any time using Utilities - Installation Utilities - Change System Date (This must be enabled in File Maintenance - System Setup).

Separation of Income

Income, as reported in the Cash Receipts Report, is from customer payments less amount to be remitted to the owner, plus charges for cleaning etc as posted to the expense booking. The portion of the income that is remitted to the owner of the rental property is auto-reversed when a site fee is charged to the booking.

Other Expenses

Other expenses like cleaning fees etc. that are not payable by the rental client are posted to the expense booking for the property as a debit, and a payment is recorded using "A" key in the charges program.

As a rule, charges to the rental client other than site fees charges are for your cash takings and appear in your cash receipts report. This is "your money".

Expenses are debited to the owners expense booking and is shown on the owners Managed Sales Statement and form part of your banking.

Take a look at the Cash Receipts Report in the above example...

$88.00 was the site fee. (Blue circle)

$12.00 was for a linen pack (Red Circle)

$66.00 is the Site Fee of $88.00 LESS the commission of $22.00, this is shown as a -ve amount

$35.00 was for a Cleaning Fee which the owner pays for and this amount was deducted as an expense as shown in the managed Sales Statement for the Owner. The transaction was entered in the expense booking as a debit and a payment , although not taken directly, was put through so that the entry appears as a debit in the statement to the owner and a payment to your cash receipts report.

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